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The stadium is currently unusable after key fixtures and fitting were removed in a contract dispute and a police investigation is underway.

Mr Horton has now released a statement describing the current situation as a “delicate one”, but insists that “all parties are continuing to talk”.

He said: “I am fully aware of how tough recent months have been for everyone connected to Coventry Bees.

“I do apologise for not being able to provide regular updates on the club’s position, which continues to be a delicate one.

Brandon Stadium

“What I can assure supporters is that all parties are continuing to talk, and naturally we are all hopeful of a positive conclusion.

“I am aware of rumours which have circulated stating that our riders have been released; this is absolutely not the case and I would like to place on record my thanks to them for their understanding.

“I would also like to thank the British Speedway Promoters Association for their continued support given the difficult circumstances, and we will endeavour to update everyone further as soon as there is more clarity to the situation.”

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Property firm Brandon Estates bought the site with the intention of building houses after securing the land from former Bees owner Avtar Sandhu.

But they agreed to delay that process as a result of talks with Mr Horton.

Brandon Estates took control of the track from Mr Sandhu in December with a view to signing a lease to Mr Horton in January. The deal would have seen the Bees’ future at the site secured for three more years.

Avtar Sandhu and Mick Horton

But it is understood a contractual dispute between Mr Sandhu and Mr Horton, over whether Mr Sandhu’s CoventryStox stock car operation could also use the track, led to Mr Sandhu removing about £200,000 of fixtures and fitting from the site he says he owns.

But Brandon Estates also claims ownership of those items - including floodlights, track shale and seats – and Warwickshire Police is currently investigating a complaint of theft and criminal damage.

It has been suggested the stadium could be returned to working order within weeks if a peace deal is agreed.